After rising by over $29000 on Thursday, Bitcoin prices fell to $27.5 million today
After rising by over $29000 on Thursday, Bitcoin prices fell to $27.5 million today. After a 3% decline in BTC's stock price over the past 24 hours, the trading price was $27863. Despite Bitcoin's weakness, Altcoin remains relatively strong, while Bitcoin's Etalum price has approached the level of $1800 in the past 24 hours.
Among the top gold coins, the trading of Cardano and xRP has performed strongly under overall sales pressure in the cryptocurrency market. Due to the rebound in support levels, the price of Adda increased by more than 2% to $0.384, while the stock price of xRP rose by 25% this week to $0.5318 as investors expected Rip to win a long-term lawsuit against the Securities and Exchange Commission (SEC).
Reasons for Bitcoin Price Dragging
Due on Friday: The main reason behind the decline in Bitcoin prices is the monthly and quarterly expiration on March 31st. According to data from Derbit Exchange, the 141kBTC option will expire with a put ratio of 0.74 and a maximum pain point of $24000. Due to the expiration of options with a nominal value of $4.1 billion on Friday, Bitcoin prices will continue to fluctuate.
In addition, the 1.746 billion ETH option with a nominal value of $3.1 billion is about to expire, with a put ratio of 0.33 and a maximum pain point of $1600.
Deribit Market Data DeribitCVD& Delta indicates the impact of option expiration on the price of the special currency. BinanceMarketBUSD leads with futures sales. If the price of Bitcoin falls below $27.7k, it will face the risk of downward fluctuations.
Federal Reserve Bank Balance Sheet: The Federal Reserve's released balance sheet shows factors that affect the balance of payments. The Federal Reserve's balance sheet fell by $28 billion this week, and rose by nearly $100 billion to $400 billion last week due to banking difficulties.
The Federal Reserve's subprime loans to banks decreased from $163.9 billion to $152.6 billion, while discount window loans decreased from $110.2 billion last week to $88.2 billion. In addition, borrowing from BTFP increased from $53.7 billion to $64.4 billion. This has affected the emotions of traders and pushed down the price of Bitcoin.
Personal Consumption Expenditure (PCE) Data in the United States: The US Bureau of Economic Analysis will release inflation data on PCE and core PCE today. The inflation rate of personal consumption expenditure (PCE) has increased from 5.3% in December last year to 5.4% in January this year, and the core personal consumption expenditure (PCE) data also increased last month.
Core personal consumption expenditure is expected to decrease from 4.7% to 4.4%. Bitcoin prices have fallen, and traders are waiting for key inflation data that will affect the Fed's decision to further raise interest rates.
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